Big Lake, Minnesota Property Taxes
The median property tax rate in Big Lake, MN is 1.10%, slightly higher than the national median of 0.99% but just below the Minnesota state median of 1.11%. With a median home value of $328,100 in Big Lake, the typical annual property tax bill amounts to $3,716, significantly exceeding the national median of $2,690. Property taxes in Big Lake are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Big Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Big Lake or another part of Sherburne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Big Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$3,609
Ownwell’s Big Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big Lake to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Big Lake, Minnesota
Property taxes in Big Lake, Minnesota, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Lake is 1.10%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Big Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Lake estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Big Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55309 zip code has the highest median property tax rate of 1.10%, while the 55309 zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Big Lake provides valuable insights into the varying tax landscape across Sherburne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Lake Tax Rate
1.10%
Average Sherburne County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55309 | 0.85% | 0.99% | 1.10% | 1.18% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Big Lake, Minnesota
In Big Lake, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Sherburne County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Big Lake, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Big Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,716 in the 55309 zip code, which also has the lowest median tax bill of $3,716.
Average Big Lake Assessed Value
$328,100
Average Sherburne County Assessed Value
$345,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55309 | $43,320 | $275,200 | $328,100 | $417,200 | $516,180 |
Source: Ownwell
Property Tax Bills Across Big Lake, Minnesota
In Big Lake, located in Sherburne County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Big Lake, the median home price is $328,100. Property tax bills vary significantly, with the 25th percentile at $3,238 and the 75th percentile at $4,470. The 90th percentile reaches up to $5,386. This range indicates that while some homeowners pay closer to the national median property tax rate of 0.99%, others may pay substantially more, affecting their annual financial planning. The highest and lowest median tax bills in Big Lake both stand at $3,716, indicating a level of consistency within the area. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Big Lake Tax Bill
$3,716
Average Sherburne County Tax Bill
$3,686
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55309 | $2,285 | $3,238 | $3,716 | $4,470 | $5,386 |
Source: Ownwell